haejin ETH SUMMARY
Ethereum (ETH) has likely completed a full ABC corrective cycle. The five subwaves of red C are in place. However, the downward wedge could potentially generate one more up/down cycle for a lower low to $285 or so. But, the MACD is pretty much out of runway being so close to the apex.
The below chart outlines the primary (white) and an alternate (yellow) pathway. Both are expected to move in an impulsive five wave manner. However, the yellow pathway allows a lower low to occur as this would then bring the price much closer to the apex. But, the MACD has next to zero mobility and may not be able to generate one more cycle. Could a breakout be the next move?
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